SHANGHAI, China -- Universal Parks and Resorts, a unit of Vivendi
Universal, was selected to become a partner and the management firm
for a Universal park to be built here in conjunction with local
The theme park, still subject to further governmental approvals,
would be built at a cost of about $870 million along the Huang Pu
River, and possibly open as early as 2006, according to an
agreement in principle signed by Universal and two Chinese
partners. The latter would own a controlling interest in the
The Universal park would offer a mix of Hollywood and Chinese
experiences. Universal at this time operates parks in Florida,
California, Spain and Japan.
Meanwhile, the Walt Disney Co., which is set to break ground
Jan. 12 on a Disneyland-like park in Hong Kong, which could open
during 2005 or 2006, remains interested in building a theme park
elsewhere in mainland China, but that is not likely to happen until
2010, Disney officials said.
Both Disney and Universal had been negotiating with Chinese
authorities to build a Shanghai park.